The Hidden Value of Wealth Managers
Choosing a financial advisor to help navigate the maze of financial decisions you need to make over your lifetime can be a daunting task. Financial advisors have many different designations, titles, and service offerings, which can make finding the right advisor difficult. A wealth manager can be a great choice. Wealth management is the holistic integration of asset/investment management and financial planning. The process weighs both the client’s investment needs and risk tolerance with their long-term financial goals to develop a strategy that increases their success at attaining those goals.
Below are some benefits of working with a wealth manager.
- Engages you in a collaborative process that allows the advisor to understand who you are, where you’ve been, and where you want to go.
- Helps protect you from yourself. Yes, I said it. You need protection from yourself. We all do! Behavioral finance research has shown that we are apt to react in ways that may not always result in the best financial choices. An experienced wealth manager can recognize a financial bias and engage you in a thoughtful dialogue, enabling you to make better decisions.
- Steers you through the complex web of financial products and decisions, so together you can develop a game plan that is understandable, easy to implement and fits your lifestyle.
- Looks at the big picture and helps you understand how all the pieces of your financial life fit together so you can best utilize your resources to meet your objectives.
- Filters the “noise” in today’s 24-hour media environment. They help provide clarity, allowing you to focus on the solutions and strategies that best meet your goals; which may not be the current “hot” approach all your friends, co-workers, and neighbors are talking about.
- Keeps the conversation going long after the financial plan has been completed. They will review your situation regularly, helping you re-evaluate your goals and determine if any course corrections are necessary. Life happens and your wealth manager should be with you through every transition, guiding you towards the fulfillment of your dreams.
Your relationship with your financial advisor should be a journey that leads to “a better life”TM for you, the client; not the financial advisor! A true wealth manager measures their success by the accomplishment of your goals. Engage an advisor who is interested in hearing your story and working together to build a sound financial future for you. Look for a fee-only advisor with the CFP® designation. These advisors are held to a fiduciary standard and since fee-only advisors are paid by the client, they don’t have an incentive to make recommendations that give themselves a higher payout.
This article was originally published on HerMindMagazine.com.
IMPORTANT DISCLOSURE INFORMATION
Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by FAI Wealth Management), or any non-investment related content, made reference to directly or indirectly in this blog will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from FAI Wealth Management. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. FAI Wealth Management is neither a law firm nor a certified public accounting firm and no portion of the blog content should be construed as legal or accounting advice. A copy of FAI Wealth Management's current written disclosure statement discussing our advisory services and fees is available for review upon request.